Both loans were secured by Cohen Financial for "a prominent Marriott developer located in the Southeast," says Benjamin Greazel, a director in Cohen Financial's office in Skokie, IL. He would not reveal further information on the developer. Each of the loans was 75% loan-to-value, Greazel says.
The Residence Inn by Marriott opened earlier this month with approximately 130 rooms, he says. Countrywide Financial is the lender for the $14.5 million in permanent financing. The permanent financing is a non-recourse loan with a term of 10 years, Greazel says. The transaction closed earlier this month. The interest for the loan is less than 6% with only interest being paid for the first three years of the 10-year term, he says.
The Courtyard by Marriott will be constructed at the corner of Florida and New York avenues adjacent to the new 450,000-sf Bureau of Alcohol Tobacco and Firearms National Headquarters. The loan is for the acquisition of the 31,107-sf infill property that the 218-room hotel will be constructed on, Greazel says. The hotel is expected to open in 2009.
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